Instant Money Payment System (IMPS) is one of the fastest and most reliable ways to transfer funds instantly across banks in India. If you’re using Bank of Baroda Mobile Banking (bob World), transferring money via IMPS is quick and straightforward. Follow this step-by-step guide to successfully complete an IMPS transaction.
Before initiating an IMPS transaction, ensure that the recipient’s bank account is added as a beneficiary in your bob World mobile app. For a detailed guide, click here.
What is IMPS, its Timing, and the Money Credit Process?
Instant Money Payment System (IMPS) is a real-time interbank fund transfer service that enables users to send money instantly, 24/7, including weekends and bank holidays. IMPS ensures that the beneficiary receives the credited amount within seconds, making it ideal for urgent transactions. This seamless service is not just fast but also highly secure, utilizing multi-layered authentication to safeguard your funds during transfer.
You can transfer up to 5 lakh to any bank account using IMPS money transfer. Some bank offers IMPS service free of charge while some take nominal charges.
IMPS Money Transfer on Bank of Baroda Mobile Banking
(1) Tap on the “Transfer” option on the main home screen.
This option is prominently displayed once you log in to the bob World app.
(2) Select the added beneficiary.
On the next screen, tap on the beneficiary account where you want to send money via IMPS.
(3) Tap on “Start New Transfer.”
This option allows you to initiate a fresh transfer to the selected beneficiary.
(4) Choose IMPS as the payment method.
Select IMPS as your preferred payment method to ensure an instant transfer.
(5) Enter transfer details.
On the next screen:
- Input the transfer amount.
- Select a reason for transfer in the remarks field.
- Tap on the Transfer button to proceed.
(6) Confirm the transaction.
Review the transaction details on the confirmation screen and tap on Confirm Transfer.
(7) Authenticate the transfer.
Enter your transaction PIN to authorize and complete the payment.
(8) Transaction Complete!
You will receive a confirmation message once the transfer is successful.
Why Choose IMPS for Money Transfers?
- Instant Transfers: Funds are credited to the recipient’s account instantly, even on holidays.
- Secure and Reliable: Ensures safe transactions with robust authentication methods.
- Available 24/7: IMPS works round the clock, unlike traditional banking methods.
FAQs
1. What is the maximum amount I can transfer using IMPS on Bank of Baroda Mobile Banking?
The daily IMPS transaction limit may vary depending on your account type. Check with Bank of Baroda for the latest limit.
2. Is there any fee for IMPS transactions?
Yes, IMPS transactions might incur a nominal fee. Refer to Bank of Baroda’s fee structure for details.
With this guide, you can easily perform IMPS transactions on the bob World mobile app.
